Possible end of correction and beginning of uptrend continuation Long

Gold/U.S. DollarFXCM

Description

⋅ Nov 2, 2015 8:24 AM

The price hit 1137. It's 61,80% fibonacci retracement level. In theory that should point out to the end of correction.

Moreover there is Price Action formation called, Bullish Piercing. It's a trend reversal signal.

On the 1h chart, there is RSI bullish divergence.

My main TP target is 1182

Trade active

⋅ Nov 3, 2015 7:44 AM

Unfortunately, my prediction didn't work exactly as I wanted.

However my trade is still active. The price retraced to 1137 line and if bulls defend 1132 level they will take an initiative to pull price higher.

Trade closed: stop reached

⋅ Nov 4, 2015 7:28 AM

My SL got triggered.